Fuel prices register steepest daily hike, up 50 paise/litre

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Last Updated: Fri, Sep 07, 2018 18:18 hrs

New Delhi: Domestic fuel prices witnessed
the steepest hike in the year so far with around 50-paise raise on
Friday across the four metro cities.

Both petrol and diesel
prices have been at their all-time high in the country for around a week
now, due to increase in crude oil prices and depreciation in the rupee
against the dollar. Weakening of the Indian rupee makes the import of
crude oil expensive.

In the national capital, petrol prices rose
by 48 paise to Rs 79.99 per litre on Friday, from Rs 79.51 per litre on
Thursday, according to data on the Indian Oil Corporation's website.

Similarly,
in the other key cities of Kolkata, Mumbai and Chennai, cost of petrol
rose by 47 paise, 48 paise and 51 paise to Rs 82.88, Rs 87.39 and Rs
83.13 per litre on Friday, respectively.

Among the domestic
factors, high excise duty in the country is a major factor for high fuel
prices, according to market observers.

In tandem with petrol
prices, cost of the other key transportation fuel, diesel, also
increased on Friday. In fact, the rise in diesel prices was above 50
paise per litre across the four major cities.

Both in Delhi and
Kolkata, diesel prices rose by 52 paise to 72.07 and Rs 74.92 per litre
respectively. In the other metropolitan cities of Mumbai and Chennai, it
was up 55 paise and 56 paise respectively, at Rs 76.51 and Rs 76.17 per
litre on Friday.

The rise in diesel prices attract concern as
the fuel is used in the transportation of goods including agriculture
products and high prices of the fuel may lead to higher inflation in the
country.